The Austin real estate market has seen its share of trends throughout the years, but a report by the Urban Land Institute suggests that some of the hottest trends in real estate this year might even further complement Austin’s already booming real estate market. The report, “2016 Emerging Trends in Real Estate”, outlines the top trends in real estate across the United States and Canada, with an overall positive message for markets across the board. Here’s a closer look at the four of the trends outlined in the report and a little more insight as to how they may affect Austin’s real estate market this year.
1. Secondary Cities Will See The Biggest Boom
What’s referred to as an 18-hour city in the report, cities like Austin will continue to see the highest increases in things like demand, price, and so on thanks in large part to their abundance of big-city amenities paired with a lower average cost of living than larger areas like New York and Los Angeles. In addition, the areas that are more steeped in culture and diversity are now considered to be the ‘hip’ place to be, more so than their top-tier metropolitan counterparts.
2. The Suburbs Are Making A Comeback
While Millennials are typically known for their devotion to the downtown, more and more of them appear to be moving back to the suburbs, where the cost of living is lower and there’s an abundance of schools and amenities nearby.
However, they’re not moving into the suburbs of their parents. Instead, they’re opting for new, mixed-use developments that focus on mobility and the human connection as their pillars of design. Nearly 6 out of 10 responders in a survey by the institute expressed that they plan to live in a single-family house within the next 5 years.
3. Reinventing The Office: The Evolution of Commercial Real Estate
As technology and patterns of residential distribution change and evolve, so too do the office spaces in the commercial sector it seems. The average square foot per worker is predicted to decrease each year until at least 2020. What’s driving this change? Open office floorplans and coworking are two of the most dominant trends in the industry right now.
Keep an eye out for more coworking spaces opening up all over Austin, as these are great options for entrepreneurs and start-ups to share the cost of an office space rather than renting them out individually.
4. Creating Housing Options For Everyone
The booming real estate market in Austin has driven prices up over the last years, but fortunately, they’re not too far out of reach for most homebuyers. Throughout North America, people have been flirting with the idea of alternative housing options and the trend appears to be picking up momentum with each passing year. Many of these options, like cohousing and microhousing, already exist, but as affordability becomes more of an issue for buyers, we may see more alternatives come in to play in the Austin market.
Have you noticed any additional trends outside of the ones listed above? Leave a reply below, we’d love to hear from you! For all of your real estate needs, trust the team at JB Goodwin to help you find the best home to complement your needs and lifestyle. Send us a message anytime or call us at 512-502-7804!